Zijin Mining Group’s subsidiary, Jinteng Mining, has taken legal action against Canada’s decision on a gold mine sale in Peru. Jinteng acquired Pan American Silver Corp’s gold asset for US$245 million with a possible additional payment of US$50 million. The move was in response to Minister Francois-Philippe Champagne’s order for a national security review of the deal.
The case filed in the Federal Court of Canada revealed that Jinteng filed a judicial review under section 18.1 of the Federal Courts Act, naming the Attorney General of Canada and the Minister of Innovation Science and Industry as parties. Represented by law firm Gowling WLG LLP, Jinteng seeks clarification on the decision.
The legal battle highlights Canada’s tough stance against Chinese investments in critical minerals, despite ongoing interest from Chinese investors in Canadian mining companies. With 31 minerals classified as critical for modern technology and the energy transition, the approval process for such deals will be stringent moving forward, especially for major Canadian miners.